Cybersecurity Seen as Top Threat to U.S.

1/29/2014 4:00PM

Spy agencies now rank cybersecurity and leaks ahead of terrorism in an annual assessment of top U.S. threats. US Trust Chief Investment Officer & Managing Director Chris Hyzy on the Fed's decision to further pare back bond-buying.

This transcript has been automatically generated and may not be 100% accurate.

... the the ... it tastes and America a city is no longer carries and they fear spy agencies a cybersecurity and teachers from foreign spy toppling ... welcomes your Wednesday afternoon news have I'm Sara Mary ... ISS to find a capital today and then the threats to security threats the US is facing ... a two HR intelligence correspondence to mind Korman in Washington D C for the latest action on ... I get to the lithium ... the ac inquiry security a top the list last year to year was different about this year's morning ... well there were two differences out what was that it was a bit more Eisman dire uncertain saying that there is an increased likelihood that there ... will be some sort of cyber attack that is destructive to stories on important data for a system to run for ... either Wison traps on safety systems save the electric grid ... on the other part of the the other side of difference was I when they showed ... a little bit more of the influence the day we seen on ... the fallout from the leaks from former NSA contractor Edward Snowden ... because they warranted about efforts on the parts in certain countries like China and Russia ... to try then started on break out the internet along national borders which is something the US has opposed by an argument that the momentum is folks have become ... more concerned about what I NSA is trying to do on the internet within their borders and in the Navy had the spotlight time the actions by former NSA contractor Edward Kennedy if you actually getting ... us the quick look at the hearing ... Tce ... speaking of course about the most massive the most damaging theft of intelligence information in our history but Edward Snowden ... as a consequence the nation is less safe as people are secure ... with Snowden has stolen an exposed has gone way way beyond his profess concern from so-called domestic surveillance programs ... and as again I had to use the credit cycle that Snowden know why they feel that what that ended with no DNA ... well Mr copper iron gates that it is that his smart most forceful argument yet about the damage that the intelligence agencies C ... I has having come from that of the week see highlighted ... what he thought was I'd you know potentially putting lives at risk for members of the armed services or people who are working with intelligence agencies or at intelligence agencies ... he cited I asserted that the added that the Greeks would undermine billions of dollars worth of intelligence programs he was pretty ... aggressive and his statements he actually devoted to three quarters of his opening comments to Mr Snowdon ... still ... the lawmakers know more just about can't read and these programs T think if I didn't see the Mustang credibility ... ah they've lost a fair amount ... of public trust in fact we saw headed if a congressional hearing in the weeks ago ... a number of dead dead presidents reappointed NSA review panel saying that the U S government had failed on a winning ... back the public trust said that spending on top rarity for both the president as well as spy agencies in Mr. Klapper mention not to dance well but the need to regain public trust and the acknowledgment that ... at this point he said we may need to risk losing some spine capabilities to freaking fast ... with the security concerns prayed now whenever that feeling aches and said she rejected that the ban on state hearing ... did I know it was a was not a primary focus that it was definitely at ... a point of questioning and I was that was the head of the National counterterrorism Center Matthew Paulson said was ... I'm that that has Ben and I take it and press reporting however he said that that was to be expected given the location of the Olympics I inserted ... near this restive region of divests town where there has spent ... a lot of certain ... ay ay Islamic militants I acted in attacks nearby is the band's recent attacks in Russia he did say he was more concerned about attacks on in the area in Sochi or outside rather than in the allin pics itself because that's been in lockdown ... I don't share in India alone where that that the coming weeks and I and thanks for joining ... the deal ... the Federal Reserve push this forward a plan to cut its monthly bond buying program by another ten billion dollars to sixty five billion dollars a month ... we're still seeing that says Brown today from the selloff in emerging markets like to collect where the market for today ... to ... see the Dow closing down about a hundred and ninety point one in when a percentage point or ... another even as equities down about forty sixth place again will that Warren and present with any SNP also down about eighteen point two percentage point there ... Chinese essay seek a closer look at these market jitters it's Chris Hideyuki Managing Director your staff to Chris and Sarah ... still what's the first of the Fed's move anyone looking to be still feel confident enough to start unwinding their stimulus for us you know it's a really good question given what's going on the markets recently in and now I'm you know the the optimists would tell you one thing I think the realists will tell you none of the realist Celik ourselves ... by looking at data going back to the third quarter and that's with the Fed's looking at the Fed is not just looking at the unemployment rate promising looking at the pickup that they see coming down the pike media made this year later this year ... wage pressures when you see the quit rates go up ... six months after the concert seen some wage pressure so inflation should pick up a little not alarmingly so ... it's really ... pouring less punch in the Cup is what they're doing rather than taking away the punch bowl any of the U S economy right now I mean ... how strong we think the footing is he think there were getting better he think there are still some big risks you know what no question about it ... it is getting better ... we should see three nap percent growth this year ... and it's simple math to take away one and a half percent headwind from the sequester because is known use of cluster just the same one we've had ... it's a net zero percent Hit on GDP ... in the private sector should grow three half ... and ... on for Chile the consensus out there is below three percent still ... so the reaction the market rate now is exaggerated it's concerning and it makes sense right now but when we look back on this year we should see very good growth ... and with the bacon really been seen roiling markets right now is the selloff in emerging markets ... Turkey and South Africa hiked their interest rate it doesn't seem to help me what's in season call Mr. don't ... feel we're going back to the future in terms of the maintenance the late nineteen nineties as a relates to what ... the concern is about emerging markets in the collateral effect of this tool is to look in the first one is a financial contagion we think there's a financial contagion ... on this basis or answers a flat out no mater reasons for that ... second one is is is it an economic collateral situation we would say no as well ... these countries are the ones you mention the deficit countries ... those are the ones that are very concerning they need more punch in the punchbowl is the Fed slows down their purchases ... they are impacted and it's painful ... but the collateral effect on the broader global will not be there in our opinion from an economic perspective I investors obviously were boosted by this bull market in twenty thirteen when he think were seen as you think that this is the end of that streak of you think is a short-term ... deal we headed into two thousand thirteen the biggest fear was the fiscal cliff then switch the sequester that was the tapering and a little bit of the debt ceiling ... now the entire focus for now some emerging markets ... I would rather have that as the focus in terms of what happens looking back on the year than the other things that we had two thousand thirteen ... the backdrop of profits ... jobs and that the economy should work in our favor you should see one point multiple expansion not two-and-a-half like we had in ... two thousand thirteen ... six to seven percent profit growth for two to be getting about eleven percent return ... on from the close of two thousand and two I Chris Hyzy yes just really the Fed thinks the Yankees ... the lab morning at seven thirty seconds ... Tce ... when in the stock that momentum Tuesday stated he knew ... that the deal if the president that would be representative Michael benefactor and threatening to throw on local news reporter I Capital balcony ... being held retooling ... it was all times ... Michael a mini series defeat of ... Michael Tide Self latest blast in the country see me yesterday what himself ... well I think it was the ... it's a scenario that every politician is hoping to avoid which is a reporter asking him ... any ... question he doesn't s early when new address in a spontaneous format you right off the ... off the cuff I think he thought it was going to be a ... I really quick it ... given his I come and see the you get out of there in turn some Nielsen's Harley for many questions about an investigation based in his campaign finance arm for many people were raising money ... for them really did not seem like you and to answer this question know that's true and he he I'm he's been I'm not common in consistently on that that the FBI is investigating is ... that ... the fundraising apparatus under increasing arrests made in Texas and one of his uncle and the people of all the non ... and aam so it's an ongoing story is Company yes the war in on that that ... that the probe is probably something off the wave of long after this blows over over in the comments that the isthe is ... a sense of college I I guess today but one of his first reaction today if the stock and the effect ... I expect a certain level of professionalism and respect especially when I've been waiting for her favor ... and the first member of Congress Keller on to tell upper corner I'm sure I will be the last ... the relays professionalism mean when you add an elected official he's in the middle of the campaign finance healing the sick ... that's ... right it's true I think it's on ... it's getting into some of the unspoken decorum between our reporters in or source is you know is to assess the Naz closeouts batik in this case or of Isuzu agreement for there doesn't seem like there is an agreement that they had data ... there was going to be ... there were no ground rules the scenes for for this ... exchange and on the leasing terms with reporter Michael Scott and so ... aam ... I think that's a teenager who was more professional and who is this respect what the gets a you know people can decide by watching the video ... aam ... but the new debt reserve unveiled like a certain reporter source of relationship there was no spilled out ... of the stuff like people talking to us how the Congress and wanted to see lasting Center thanks for joining the team ... I've got a right to face but parity with it and even waiting credit and the market Claire did they beat analysts' estimates ... if either stock price raised their their revenue is at three point five nine million beating analyst estimates in a two three three billion earnings per share ... by ... two point five nine billion not the plant and a million ... and thirty three share were thirty one cents and you have to twenty seven ... Fiona play and Jefferson a super bullish a year he predicts the weekend ... CSC's ... he can score a ticket to see the Seahawks in the process they stop and send it to the light tend to lack down your party planned instead ... WSJ's sports editor ginger easing curator Everbright Bank AG and how it I'm going I let's start with this twenty parties Donnelly everyone's favorite list anyone can do our presents and play last Friday while they're both at the fun like Hotels which the bubbly hotel door is what has been in the playoffs ... is just to shift will turn party venue park next to the intrepid ... on Manhattan's West side ... and those are the that's in vitamin ... C up to be either retailers ... a contest winner of the IP ... for just one key to getting to know someone who knows what they're a lot of the screening of the crop and parties Maxim magazine is all ... part of it can get my ring DirecTV is having a party with cheese he ... said this is a way to be paying thousands of dollars to go to any of the right but if you're lucky Imagine Dragons is headlining Friday ... when the Tau ... Foo fighters once ... when they ... aren't for me my personal favorite from the Holsopple experience and added the help of people ... and the screen as a couple people party ... well ... that is you missed it it was last in that last night Jon Stewart was one of celebrities that were there ... and the cutest part about it was most of the puppy for napping during the party ... so in a Delany and hopefully the players that that the latest of role playing and napping him because but the puppies were napping when my eyes are just an afterthought often lacks the actual cost ... when I say that as ... the nerdy s party however might actually be going on tonight's the night that one tonight in Queens the Museum of the moving image it's the mad and partly for video gamers it to the streets the twenty fifth anniversary of the Madden video game ... can you can be an air Marshall Faulk those of the ex players and be there and ... it's and it's in Queens ... they let the reading again and I didn't eat any of these parties believe really really wanna go to a Superbowl party lets us ... what we're talking about all these things in New York ... New Jersey what's getting on the action ... in Secaucus there's a big party and popular park ... it's open for families the mayor's can be there been a good cowgirls going to be there were no naked Cowgirl so that that's that's the goatee thing in New Jersey and that that's all we can I say the kind of plants and heading into the right things for being with us thanks ... I then selling antiforeign your Wednesday afternoon news have been seen accurate timely and fair ...